Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
June 25, 2024

‘Parabolic Rally Few Saw Coming’ – Trader Says Overlooked Bitcoin Indicator Flipping Green Amid Correction

By Daily Hodl Staff

A closely followed crypto analyst says one Bitcoin (BTC) indicator is flashing green despite the Monday correction below $60,000.

Pseudonymous analyst TechDev tells his 460,100 followers on the social media platform X that a key indicator is suggesting Bitcoin may soon go parabolic.

ADVERTISEMENT

“There’s only one other time in Bitcoin history when the two-week Gaussian channel flipped green. Price consolidating at the prior high marked the halfway point of a parabolic move few saw coming.”

Source: TechDev/X

Gaussian channels are momentum indicators that can be used to identify price tops and bottoms. Looking at his two-week chart, the analyst suggests that Bitcoin is forming a similar pattern in 2017 that led to a massive rally.

Next, the analyst explores the Chaikin Money Flow (CMF), a metric measuring the volume-weighted average of accumulation and distribution over a set period.

Using the CMF metric, the analyst highlights that Bitcoin is above the bullish line for the fourth time on the four-week chart.

ADVERTISEMENT

TechDev shares a chart showing that BTC was also above the same line in late 2016, early 2013 and early 2011 –just before Bitcoin ignited parabolic moves.

“First four-week parabolic money flow signal on Bitcoin since 2017…

The idea of ‘lengthening cycles’ got abandoned due to some arbitrary definition of cycles. By another, it never left. But none of it really matters. BTC’s been in an uptrend since its birth, and the same signal which called the other three blowoff moves is firing again.”

Source: TechDev/X

Bitcoin is trading for $60,586 at time of writing, down 4.6% in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix

&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
ADVERTISEMENT

Generated Image: DALLE3